NBA President Positions Legal Certainty As Critical Infrastructure For Sustainable Investment

By Ayo Susan

At the 32nd Nigerian Economic Summit (NES#32) in Abuja on 27 October 2026, President of the Nigerian Bar Association (NBA), Mrs. Oyinkansola Badejo Okusanya, identified legal certainty as a fundamental requirement for effective public-private partnerships (PPPs), investor confidence and sustainable economic growth. Speaking on ‘Law as Infrastructure: Building Predictability into Public-Private Partnerships’, she stated that predictable laws, transparent processes, enforceable contractual obligations and accountable institutions are essential to attracting private capital and ensuring that partnerships deliver lasting public value. Her intervention reinforces the Nigerian Economic Summit Group (NESG)’s wider call for Nigeria to translate macroeconomic reforms into productive investment, enterprise growth and improved living standards.

DECISION HIGHLIGHT

Okusanya’s central argument is that law must be treated as economic infrastructure, not merely as an instrument for resolving disputes. Without legal predictability, institutional credibility and contractual accountability, Nigeria’s ambition to mobilise private capital for infrastructure and enterprise development will remain constrained.

DECISION MEMO

The significance of Okusanya’s presentation lies in its direct connection between the quality of the legal environment and the capacity of the economy to attract, retain and productively deploy investment.

She stated: “My central message was that law is not merely a framework for resolving disputes; it is an essential foundation for economic growth. Where the law provides clarity, predictability and certainty, it strengthens investor confidence, promotes accountability and creates the conditions for meaningful collaboration between the public and private sectors.”

This argument addresses a fundamental weakness in investment environments where policy announcements and investment incentives are not always matched by predictable institutional conduct. For infrastructure investors, particularly those entering long-term PPP arrangements, uncertainty over contractual obligations, regulatory decisions, procurement procedures and dispute resolution can increase project costs and undermine investment viability.

Okusanya was explicit about the conditions required for PPPs to succeed: “For Public-Private Partnerships to deliver on their promise, we must prioritise transparent processes, clearly defined contractual obligations, strong institutions and effective mechanisms for accountability.”

She emphasised that these requirements extend beyond technical legal considerations:

“These are not just legal considerations; they are essential to building partnerships that can attract investment, deliver public value and stand the test of time.”

Her intervention is particularly relevant to the NESG’s wider assessment that Nigeria must move beyond macroeconomic stabilisation towards productive investment. NESG Chairman Niyi Yusuf disclosed that the country attracted approximately $23.2 billion in foreign capital inflows in 2026, although portfolio investment dominated and foreign direct investment remained a small proportion.

The distinction reinforces the importance of institutional certainty in attracting long-term capital. Investors committing resources to infrastructure, manufacturing and other productive sectors require confidence that agreements will be respected and risks managed through credible institutions.

Okusanya also placed responsibility on the legal profession to contribute directly to national development:

“As lawyers, our role extends beyond interpreting and applying the law. We must also contribute to shaping the legal and institutional frameworks that support enterprise, encourage responsible investment and advance national development.”

Her concluding observation captures the broader economic implication: “A predictable legal environment is not simply good for business; it is fundamental to building trust, strengthening institutions and creating sustainable economic opportunities.”

DATA BOX

• Summit: 32nd Nigerian Economic Summit.
• Date: 27 October 2026.
• Presentation: Law as Infrastructure: Building Predictability into Public-Private Partnerships.
• Presenter: Oyinkansola Badejo Okusanya, SAN, FCIArb, President, Nigerian Bar Association.
• NESG-reported foreign capital inflows: Approximately $23.2 billion in 2026.
• Central requirements for sustainable PPPs: Transparent processes, clear contractual obligations, strong institutions and effective accountability.
• Core economic proposition: Legal certainty supports investor confidence, responsible investment and public value.

WHO WINS / WHO LOSES

Potential winners: Long-term infrastructure investors, credible private-sector partners, government institutions and citizens benefiting from properly structured and accountable public projects.

Potential losers: Investors exposed to arbitrary policy changes, institutions dependent on opaque processes and parties benefiting from weak contract enforcement.

POLICY SIGNALS

Nigeria needs predictable legal and regulatory frameworks, transparent PPP procurement, clearly allocated contractual risks and effective enforcement mechanisms. The legal profession must also contribute to institutional reforms that support enterprise and responsible investment.

INVESTOR SIGNAL

Legal certainty is a measurable component of investment attractiveness. Beyond incentives and macroeconomic stability, investors need assurance that contractual rights, regulatory obligations and dispute-resolution arrangements will remain credible throughout the life of their investments.

RISK RADAR

Policy inconsistency, weak contract enforcement, institutional interference, opaque procurement and inadequate accountability could undermine PPP performance. Without translating legal predictability into consistent government and institutional practice, Nigeria risks attracting investment interest without securing the long-term capital required for productive development.

Ayo Susan is a journalist, covering business, infrastructure, insurance, technology, society and emerging developments with an emphasis on credible and engaging storytelling.